Forex Forecast for EURUSD, GBPUSD, USDJPY, USDCAD 16 January, 2017

Forecast for the EURUSD currency pair

Technical showings of the currency pair:

Pre-opening: 1.06132
Opening: 1.06050
Chg. % for the last day: +0.29
Day range: 1.05892 – 1.06361
52-week range: 1.0366 – 1.1616

On Friday, 13 January, a significant change in the EUR/USD rate did not happen. The currency kept the resistance level of 1.06500. At the moment, the technical pattern of EUR/USD indicates the correct development. Today, the decreased trading activity should be expected on the financial markets. This is due to the holiday in the US.

forex-forecast-eurusd-16-01-2017

The MACD histogram has started to decline and moved into the negative zone, which gives a signal to sell EUR/USD.

Stochastic Oscillator is in the neutral zone, the %K line crossed the %D line. There are no signals yet.

News background today is quite calm:
– a holiday in the US – Martin Luther King Day;
– the trade balance in the euro area (12:00 GMT + 2: 00).

Trading recommendations:

Support levels: 1.05150
Resistance levels: 1.06100, 1.06500

We expect a corrective movement on the EUR/USD currency pair. One should consider selling to around 1.05600.

Forecast for the GBPUSD currency pair

Technical showings of the currency pair:

Pre-opening: 1.21568
Opening: 1.20004
Chg. % for the last day: +0.13
Day range: 1.19864 – 1.20594
52-week range: 1.2016 – 1.5513

On Friday, 13 January, a significant change in the EUR/USD rate did not happen. The currency kept the resistance level of 1.06500. At the moment, the technical pattern of EUR/USD indicates the correct development. Today, the decreased trading activity should be expected on the financial markets. This is due to the holiday in the US.

forex-forecast-eurusd-16-01-2017

The MACD histogram has started to decline and moved into the negative zone, which gives a signal to sell EUR/USD.

Stochastic Oscillator is in the neutral zone, the %K line crossed the %D line. There are no signals yet.

News background today is quite calm:
– a holiday in the US – Martin Luther King Day;
– the trade balance in the euro area (12:00 GMT + 2: 00).

Trading recommendations:

Support levels: 1.05150
Resistance levels: 1.06100, 1.06500

We expect a corrective movement on the EUR/USD currency pair. One should consider selling to around 1.05600.

Forecast for the USDCAD currency pair

Technical showings of the currency pair:

Pre-opening: 1.31439
Opening: 1.31345
Chg. % for the last day: -0.24
Day range: 1.31176 – 1.31492
52-week range: 1.2458 – 1.4692

On Friday, the USD/CAD currency pair was in flat. Significant changes in the Canadian dollar did not happen. Currency is being traded with a range of 55 points. Currently, USD/CAD is testing the support level of 1.31300.

forex-forecast-usdcad-16-01-2017

Indicators do not send strong signals. The MACD histogram is located near the 0 mark.

Stochastic Oscillator has consolidated in the neutral zone, the %K line crossed the %D line. Currently, there are no signals.

Important economic data from Canada is not expected today.

Trading recommendations:

Support levels: 1.31300, 1.30500
Resistance levels: 1.32000

We expect the upward trend on the USD/CAD currency pair to the level of 1.31850.

Forecast for the USDJPY currency pair

Technical showings of the currency pair:

Pre-opening: 114.680
Opening: 114.333
Chg. % for the last day: -0.17
Day range: 113.618 – 114.462
52-week range: 99.08 – 123.69

On Friday, there was no unidirectional movement on the USD/JPY currency pair. The trading ended with a slight increase in the yen against the US dollar. During the Asian trading session, the currency kept the support level of 113.900.

forex-forecast-usdjpy-16-01-2017

The MACD histogram is in the negative zone, but above the signal line, which delivers a weak signal to sell USD/JPY.

Stochastic Oscillator is in the neutral zone, the %K line is above the %D line, indicating the growth of the USD/JPY quotations.

The news background for the Japanese economy is calm now.

Trading recommendations:

Support levels: 113.900
Resistance levels: 115.250, 116.300

The previous forecast was quite accurate. We believe that the pair could reach the 114.850 local resistance. We recommend to consider buying.